Markets

Financial Sector Update for 12/03/2015: RMAX,WAC,FSAM

(Corrects story that ran on Nov 17 eliminating mention of a proxy fight with the co-founder of Birch Run Capital Advisors at Walter Investment Management under "In other sector news". A corrected version follows.)

Top Financial Stocks

JPM -0.48%

BAC -0.06%

WFC -0.47%

C -0.30%

USB -0.16%

Financial stocks turned slightly lower in late trade, with the NYSE Financial Sector Index edging less than 0.1% lower and the S&P Financial 100 Index slipping about 0.1%.

In company news, RE/MAX Holdings ( RMAX ) shares tumbled Tuesday after the real estate broker last night announced plans for a secondary offering of 4.5 million shares of its common stock by the company's controlling stockholder, RIHI Inc.

RIHI is majority-owned and controlled by David and Gail Liniger, its co-founders and chief executive officer and board vice chair, respectively. Following the upcoming stock sale, RIHI still will own over 13.2 million RE/MAX shares, or about 44% of its outstanding stock.

RMAX shares were down about 8% in late trade at $38.44 each, earlier dropping to a session low of $37.88 a share.

In other sector news,

(+) WAC, Names Daniel Beltzman to its board of directors. Beltzman is co-founder of Birch Run Capital Advisors, which now owns 19.8% of WAC stock. Deal also allows Birch Run to increase stake to 25%.

(-) FSAM, Reschedules filing its Form 10-Q quarterly report with SEC, saying it expects to file its Q3 financial results by next Monday, Nov. 23.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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